PROBLEMAssume that household 1 and household 2 has the following demands for education(a private good) (in units of load per year).Household 1Household 2P (Php)36,00045,00060,000Qd (units per yr)60P (Php)36,00045,00060,000Qd70425824361. Determine the market demand for education. (5 points)2. In an axes, sketch the market demand curve for education.3. Assume that the supply for education (representing all private suppliers ofeducation) indicates the following:P30,00038,00045,00050,00060,000Qs8092100110124Sketch the market supply curve on the same set of axes (developed innumber 2).(Graphical illustration: 10 points)4. What is the market equilibrium combination of private education in themarket? (5 points)5. Explain how the condition of efficiency in the market for a private good isachieved. (10 points)6. Explain why, at this equilibrium, MRS, of HH1 is equal to MRS, of HH2 isequal to MRT (where e stands for education, and y stands for other goodsin households market basket), a Pareto efficient condition. (10 points)

Price Qd1 (Household 1) Qd2 (Household 2) Total Qd(Qd1+Qd2) 36000 60 70 130 45000 42 58…

Assume that household 1 and household 2 has the following demands for education (a private good) (in units of load per year). Household 1 P (Php) 36,000 Household 2 P (Php) 36,000 45,000 60,000 Qd (units per yr) 60 Qd 45,000 60,000 42 24 70 58 36 1. Determine the market demand for education. (5 points) 2. In an axes, sketch the market demand curve for education. 3. Assume that the supply for education (representing all private suppliers of education) indicates the following: P Qs 30,000 38,000 45,000 50,000 60,000 80 92 100 110 124 Sketch the market supply curve on the same set of axes (developed in number 2). (Graphical illustration: 10 points) 4. What is the market equilibrium combination of private education in the market? (5 points)

Assume that household 1 and household 2 has the following demands for education (a private good) (in units of load per year). Household 1 P (Php) 36,000 Household 2 P (Php) 36,000 45,000 60,000 Qd (units per yr) 60 Qd 45,000 60,000 42 24 70 58 36 1. Determine the market demand for education. (5 points) 2. In an axes, sketch the market demand curve for education. 3. Assume that the supply for education (representing all private suppliers of education) indicates the following: P Qs 30,000 38,000 45,000 50,000 60,000 80 92 100 110 124 Sketch the market supply curve on the same set of axes (developed in number 2). (Graphical illustration: 10 points) 4. What is the market equilibrium combination of private education in the market? (5 points)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

What is the measure of exploitation of workers – (the difference between the Value of Marginal Product of Labor and the Wage rate paid) (a) $50 (b) $100 (c) $125 (d) $175 (e) $200
2ii
Which of these statements is not true? O In 1800, less than 10% of the US population lived in urban area OGDP per capita tends to be higher in cities than in urban areas O A good transportation system is a condition for cities to exit A principal city is the largest municipality in a metropolitan area
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
The following problem consist of two parts. First, a short description of a certain mi- croeconomic situation with assumptions and considerations is presented. Second, two statements are made about the situation. You have to identify whether each statement is true or false and elaborate why you assess each statement the way you do. A factory is situated next to a dormitory for nurses who work night shifts. The factory produces 120 units of humanoid robots a day. The production process is rather noisy, and the nurses often complain that their sleep is disturbed. The following graph depicts the marginal private costs (MPC) and marginal social costs (MSC) of the robot factory production. The robot market is competitive and the market price is £340. Based on this information, which of the following statements are correct? Which are false? Statement 1: At Q = 120, both the factory and the nurses would benefit from the nurses paying a fee less than 120 to the factory to reduce output.…
None
9
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
21
Critically discuss whether civic crowdfunding platforms based on voluntary contributions present a useful solution to the problems associated with public good provision, with particular reference to the crowdfunding of public defence in Ukraine
Antonio and Caroline are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Antonio 40 8 Caroline 28 7 ___________has an absolute advantage in the production of alfalfa, and __________ has an absolute advantage in the production of barley. Antonio's opportunity cost of producing 1 bushel of barley is ____ bushels of alfalfa, whereas Caroline's opportunity cost of producing 1 bushel of barley is______ bushels of alfalfa. Because Antonio has a ______ opportunity cost of producing barley than Caroline,________ has a comparative advantage in the production of barley and_______ has a comparative advantage in the production of alfalfa.
I need 100% accurate answer